What You Need to Know to Set Up Your Own Business

28 June, 2016

It is not as easy as you may first imagine to start a new business, as there are many things you need to know about in order to set up and run it properly. Professional advice is a must for anyone thinking about setting up a business. However, it can also be useful to know about the steps you need to take to get your new venture started.

The first thing to do is to think about what area of the market you would like to do business in. It may be that you have a special talent or that you have identified a niche for your business. Whichever area you decide to go into, you will need to come up with a proper business plan detailing how you will set up and run your business, as well as how it will make money.

Deciding what to call your business is the next thing to do, followed closely by registering your new business with the appropriate authorities (i.e. HM Revenue & Customs). As well as registering as self-employed, there is national insurance, VAT and tax to arrange.

It is very important to find somewhere from which to run your business, and this can be a home office or a rented premises in the centre of town. Now you need a dedicated business email address, telephone number, bank account and address, so make setting these up your next priority.

Insurance should be the next thing on your list, and it is incredibly important. Businesses which provide services will need professional indemnity insurance, whilst those which sell products will need product liability insurance. If you haven’t done so already, make sure you get a public liability or professional indemnity insurance quote right away.

With your business set up and registered, you need to get all the supplies you need and start marketing your business. Once your website is set up, you can wait for the customers to start contacting you.

Fran Gate is a widely respected writer who has been writing for 5 over years often writes on John Heath Insurance Brokers and a wide range of other subjects.

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